Office of the Legislative Auditor - Financial Audit Division

Report Summary
State Agricultural Society

Financial Audit
For the Year Ended October 31, 1997

Agency Background

The State Agricultural Society operates under Minn. Stat. Chapter 37. The Minnesota State Agricultural Society Board of Managers operates the annual State Fair exposition and maintains the fairgrounds.

Financial Highlights

At October 31, 1997, the State Agricultural Society reported net income of $3,038,160. The Society generated $22,604,428 in revenues during the fiscal year, including both fair-time and non-fair event revenues. The Society had total assets of $24,059,422 as of October 31, 1997

Objectives

The audit objectives were to:

• issue an audit opinion on the Society's financial statements,
• obtain an understanding of the Society's internal control structure, and
• test the Society's compliance with significant finance-related legal provisions.

Conclusions

We issued an unqualified opinion on the Society's financial statements. The Society's annual report, which includes its audited financial statements, is available from the Society.